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Wednesday, July 18, 2007

Terra Firma have extended their deadline for EMI shareholders to accept their offer for the third time - it might be a private equity firm, but its inability to stick to a final line suggests it would be a rotten evil genius. Can you imagine Darth Vader wheezing "alright, one last chance, then we'll destroy your home planet if you don't comply."

The new deadline is Thursday, and reflects a rather poor take-up of TF's offer. Only 3.82% of EMI shareholders had said yes to the approach, which is quite a way short of a takeover. TF believe that other shareholders were holding off to see if there was to be a counter-offer from Warners, who have now ruled themselves out of the race - although with a hint that if the Terra Firma bid flops, they'd still be interested.